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Judge determines that Musk must close Twitter purchase by the 28th


A judge in the United States ruled this Thursday (6) that Elon Musk must close the purchase of the social network Twitter by October 28 if wants to avoid a trial, according to the local press.

Shortly before, the CEO of Tesla had requested the suspension of the process with which Twitter wants to force him to buy the company for the US $44 billion previously agreed, with the aim of closing the last details.

Musk’s lawyers have submitted a petition to the court dealing with the case arguing that , after they communicated to Twitter this week of their decision to proceed with the purchase at $54,20 per share, there was no reason to proceed with the process.

In addition, they warned that if the legal battle continued, the operation could be jeopardized.

In the document, Musk’s defense explains that the acquisition should be completed around 28 October, once the billionaire gets the funding required for the purchase.

So far, Twitter has refused to withdraw its lawsuit and on Wednesday the judge in charge of the case, Kathaleen McCormick, had already confirmed that for now the preparations

In their petition, Musk’s defense criticizes the social network for its decision to keep the legal battle open and insists there is no reason to think the richest man will not get the funds it needs from banks to complete the transaction.

“Twitter doesn’t take yes for an answer. Surprisingly, they insisted on continuing this litigation, imprudently compromising the business and playing with the interests of their shareholders”, say the lawyers.

As they reiterate, proceeding with the trial would be a “huge waste of resources” that “will impair the parties’ ability to close the transaction” and that could leave the transaction “in limbo” and cause Twitter shareholders to receive their money much later.

Twitter was quick to respond and, in another letter to the court, opposed Musk’s request, making it clear that it does not trust the businessman’s latest promises.

“The defendants can and do must closenext week,” said a lawyer for the company, who considered that until that happens, the matter should continue to move to trial.

The social network accused Musk of refusing to give a date. final decision to complete the transaction and said the proposed stay of trial is “an invitation to more games and delays.”

Representatives of both parties are discussing the details of the deal after Musk surprised again this week, announcing its intention to proceed with the original purchase agreement for the social network, which it had canceled months ago, prompting Twitter to go to court.

According to the press American company, the decision to resume the purchase of Twitter at a price of US$ 54,20 per share was taken after the tycoon unsuccessfully tried to obtain a discount of up to 30%.

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